PGGM Investments lessened its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 38.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 679,455 shares of the industrial products company’s stock after selling 416,313 shares during the period. PGGM Investments owned approximately 0.16% of Eaton worth $64,358,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of ETN. Kings Point Capital Management acquired a new position in Eaton in the 2nd quarter valued at approximately $28,000. Northern Oak Wealth Management Inc. acquired a new position in Eaton in the 3rd quarter valued at approximately $33,000. Ellevest Inc. acquired a new position in Eaton in the 2nd quarter valued at approximately $35,000. Golden State Wealth Management LLC raised its holdings in Eaton by 730.2% in the 3rd quarter. Golden State Wealth Management LLC now owns 440 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 387 shares in the last quarter. Finally, Old North State Trust LLC raised its holdings in Eaton by 49.1% in the 3rd quarter. Old North State Trust LLC now owns 492 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 162 shares in the last quarter. 78.16% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have commented on ETN shares. Deutsche Bank cut Eaton from a “buy” rating to a “hold” rating in a report on Wednesday, December 4th. Vertical Research lowered Eaton from a “buy” rating to a “hold” rating and set a $85.00 price objective on the stock. in a research note on Wednesday, October 9th. Bank of America upgraded Eaton from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 17th. Wolfe Research upgraded Eaton from a “peer perform” rating to an “outperform” rating in a research note on Thursday, January 9th. Finally, Vertical Group lowered Eaton from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Eaton has a consensus rating of “Hold” and an average target price of $94.00.
Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.01. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.51 billion. Eaton had a return on equity of 15.15% and a net margin of 11.06%. Eaton’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.43 EPS. On average, sell-side analysts expect that Eaton Co. PLC will post 5.71 EPS for the current fiscal year.
In other Eaton news, Director Michael J. Critelli sold 10,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $92.00, for a total value of $920,000.00. Following the transaction, the director now directly owns 55,566 shares in the company, valued at approximately $5,112,072. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard H. Fearon sold 34,000 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $90.05, for a total value of $3,061,700.00. Following the completion of the transaction, the insider now owns 200,384 shares in the company, valued at $18,044,579.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,988 shares of company stock worth $5,527,268. 0.70% of the stock is owned by corporate insiders.
Eaton Company Profile
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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